KT&G’s sales surged 30.1 percent to 9.5 billion cigarettes in 2020, reports The Korea Times, citing recently released regulatory filings. In terms of value, the company’s sales rose 15.8 percent year-on-year to KRW193.7 billion ($171.68 million).
KT&G attributed the performance to its expansion into new markets as well as customized strategies for different regions.
Last year alone, KT&G launched its products in 23 new markets with the total number of export countries exceeding 100.
In South Korea, KT&G sales rose by 60 million cigarettes from the previous year. Boosted by product launches such as “88 Returns,” the company’s domestic market share rose 0.6 percent to 64.5 percent—a remarkable accomplishment at a time when the Korean cigarette market shrunk by 0.1 percent.
In the vapor segment, KT&G posted growth too. The company’s Lil tobacco-heating product accounted for more than a 60 percent market share at convenience stores in October.
Starting this year, the company intends to enter new markets. In the first quarter of 2020, KT&G signed a strategic partnership with PMI to cooperate in exporting Lil while introducing the product in Russia, Ukraine and Japan, where it gained positive feedback.